The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 3.8 percent in the week ended October 30, following a 1.7 percent advance in the previous week.

According to the report, refinance applications jumped 6.4 percent, while applications to purchase a home decreased 1.3 percent.

Meanwhile, the average fixed 30-year mortgage rate edged up to 3.01 percent from 3.00 percent.

“After a solid stretch of purchase applications growth, activity decreased for the fifth time in six weeks, but has increased year-over-year for six straight months,” noted Joel Kan, an MBA economist. “2020 continues to overall be a strong year for the housing market.”